Europe Electric Vehicle Market (2021-2027) | Trend, Size, Share, Forecast, Revenue, Growth, Analysis & COVID-19 IMPACT

Europe Electric Vehicle Market report comprehensively covers the Market by vehicle types and countries. The report provides an unbiased and detailed analysis of the ongoing trends, opportunities/ high growth areas, and market drivers, which would help stakeholders to devise and align their market strategies according to the current and future market dynamics.

Europe Electric Vehicle Market Synopsis

The Europe electric vehicle Market is expected to witness robust growth in the coming years owing to the efforts of the European countries to reduce carbon emissions in the EU. The countries are working comprehensively to shift people's interest in electric vehicles by providing incentives, grants, and subsidies to their citizens and enhancing the Europe EV Market Share in the overall global market structure. Furthermore, the countries are focusing on the development of public charging infrastructure and e-mobility across the nations to bring out the private sector investment which would attract people to buy Electric vehicles during the forecast period and ultimately increase the Europe Electric Cars Market Share. For instance, the ‘Electric Mobility Act’ passed by the Government of Germany in 2015 had a positive impact on the sales of electric vehicles in the country. In addition to this, the government released an economic stimulus package following the corona crisis which contained special incentives to promote electric vehicles, and this eventually resulted in a huge surge in sales figures for electric vehicles, and this trend is expected to continue in the forecast period. In addition to this, the government of the Netherland has also rolled out National Charging Infrastructure Agenda to ensure strategic and data-driven placement of public charging infrastructure in the country. The government is acting as the driving force behind the rising share of electric transport in the country. Surging demand for efficient vehicles coupled with a surging shortage of fossil fuel is proliferating the Europe Electric Vehicle Market Share. Stringent norms by the government to reduce carbon emissions are accelerating the growth of the industry.

According to 6Wresearch, the Europe Electric Vehicle Market size is projected to grow at a CAGR of 29.1% during 2021-2027. Despite the worldwide pandemic of the novel coronavirus, the electric vehicle market in Europe has grown exponentially on the account of growing environmental awareness combined with the incentives provided by the governments such as lower purchase price of EVs, exemption from tax, and other local benefits. Furthermore, stringent emission norms such as the ban on ICE cars are giving consumers an option to switch towards electric vehicles which are likely to propel the EV Market Share In Europe in the forecast period. Additionally, the French government has also launched the “Advenir” program under which subsidies can be granted for installing charging points on road like a tax credit of 300 on the purchase and installation of an EV charger at the main residence. Companies can get a subsidy of up to 40% and condominiums (apartment blocks) can get a subsidy of up to 50% on the purchase and installation cost of the EV charging point, which would again be a growth proliferator for EV Market In Europe in the coming future. Growing penetration towards reducing the carbon emission coupled with improvement in lifestyle due to the rise in disposable income is driving the EV Market Share in Europe. 

Market Analysis by Vehicle Type

Based on vehicle type, the 4-wheeler vehicle segment has dominated the overall market revenues in the Europe Electric Vehicle Market in 2020 Qatar on account of maximum availability of control and visibility to the in-house IT team over the organization’s internal infrastructure. Thus, actively protecting sensitive data, applications, and networks from rising threats and attacks in cyberspace. However, with the growing adoption of work from the home norms among employees and increasing application of IoT, big data, artificial intelligence, and other such types of advanced & emerging technologies, cloud-based managed security services would witness considerable growth in the coming years.

Market Analysis by Countries

Notably, based on country, Germany's electric vehicle Market comprised the biggest Market share in the electric vehicle market of Europe in 2020. Owing to the high disposable income and growing acceptance of the electric vehicle. Additionally, growing government and environmental agencies initiatives that encourage consumers to opt for electric vehicles are likely to drive the Market in the upcoming years.

Key Highlights of the Report:

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2017 to 2020.
• Base Year: 2020
• Forecast Data until 2027.
• Key Performance Indicators Impacting the Market
• Major Upcoming Developments and Projects.